DNA REALTY GROUP | Arlington Real Estate, Newton Real Estate, North Reading Real Estate


One of the requirements of buying a home is for the buyer to provide a down payment equal to somewhere between 3 and 20% of the price of the home being purchased. The reasons behind a down payment may have seemed a bit arbitrary up to this point. Home buyers know they need a down payment, but just how important a down payment is can often be overlooked. Once it’s all explained here, it will make a ton of sense to all first-time home buyers. Why Is A Down Payment Important? The larger the amount of the down payment that you can provide, the better it will be for your home loan status. The amount of the down payment provided will affect the type of loan that you get the and amount of the loan that you get for the house you buy. For any down payment that is less than 20% of the purchase price of the home, you’ll need to get PMI (private mortgage insurance). A smaller down payment may also mean that less of the closing costs will be covered up front. This is definitely something to look into because long term, it may not be a wise decision financially. Think of the down payment as the foundation of the biggest purchase you’ll ever make. Check Your Finances If you’re not able to save up for a down payment, it may not be the best time for you to buy a house. The mortgage process makes you take a step back and really check out your finances. Buying a home is a huge financial commitment. If you’re unable to save properly for a down payment, you may not be ready to commit to buying a home. If you haven’t been able to save up enough for a down payment, you may not be financially ready to buy a home. It’s a great way to take a look at your financial health when you’re thinking about acquiring a mortgage. A small down payment means that you’re eligible for fewer types of mortgages. Typically a down payment of 5% or less limits you to only a few different kinds of mortgages. This is important to keep in mind when planing your financial future. Also, keep in mind that the larger the down payment, the more keen lenders will be on actually granting you a loan. Renting Could Help You In The Long Term The thought of continuing to a rent over buy a home could be stressful for you. In the long term, however, it’s much better to continue paying rent than to risk losing your home due to foreclosure. Being unable to make mortgage payments is a serious thing. The entire process of buying a home starts in acquiring for the down payment.

This Condo in Everett, MA recently sold for $330,000. This Townhouse style home was sold by DNA REALTY GROUP - KELLER WILLIAMS REALTY.


5 Cedar St, Everett, MA 02149

Condo

$350,000
Price
$330,000
Sale Price

5
Rooms
3
Beds
1/1
Full/Half Baths
Location, Location, Location Check out this awesome Duplex Style Townhouse just about 5 miles outside of Downtown Boston!!! Featuring 3 bedrooms and 1.5 baths, which includes the finished basement space. This place is super easy to maintain, some of the great property features include the patio space out-front and a new roof and 2 parking spaces on the side. MBTA stops located around the corner on Ferry Street where you can take the bus to Malden Center or Sullivan Station and take the T right to Boston. Less than a mile away from Everett High School. Make this your home today. Call to schedule a showing which begin at the OPEN HOUSE on Sunday June 25, 12-130!!!

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If you’re in the market to buy a home, you’re probably learning many new vocabulary words. Pre-approved and pre-qualified are some buzz words that you’ll need to know. There’s a big difference in the two and how each can help you in the home buying process, so you’ll want to educate yourself. With the proper preparation and knowledge, the home buying process will be much easier for you.  


Pre-Qualification


This is actually the initial step that you should take in the home buying process. Being pre-qualified allows your lender to get some key information from you. Make no mistake that getting pre-qualified is not the same thing as getting pre-approved.


The qualification process allows you to understand how much house you’ll be able to afford. Your lender will look at your income, assets, and general financial picture. There’s not a whole lot of information that your lender actually needs to get you pre-qualified. Many buyers make the mistake of interchanging the words qualified and approval. They think that once they have been pre-qualified, they have been approved for a certain amount as well. Since the pre-qualification process isn’t as in-depth, you could be “qualified” to buy a home that you actually can’t afford once you dig a bit deeper into your financial situation. 


Being Pre-Approved


Getting pre-approved requires a bit more work on your part. You’ll need to provide your lender with a host of information including income statements, bank account statements, assets, and more. Your lender will take a look at your credit history and credit score. All of these numbers will go into a formula and help your lender determine a safe amount of money that you’ll be able to borrow for a house. Things like your credit score and credit history will have an impact on the type of interest rate that you’ll get for the home. The better your credit score, the better the interest rate will be that you’re offered. Being pre-approved will also be a big help to you when you decide to put an offer in on a home since you’ll be seen as a buyer who is serious and dependable.  


Things To Think About


Although getting pre-qualified is fairly simple, it’s a good step to take to understand your finances and the home buying process. Don’t take the pre-qualification numbers as set in stone, just simply use them as a guide. 


Do some investigating on your own before you reach the pre-approval stage. Look at your income, debts, and expenses. See if there is anything that can be paid down before you take the leap to the next step. Check your credit report and be sure that there aren’t any errors on the report that need to be remedied. Finally, look at your credit score and see if there’s anything that you can do better such as make more consistent on-time payments or pay down debt for a more desirable debt-to-income ratio.


When a loved one needs a bit more help to get around the house, whether they have simple physical limitations or rely on the use of a wheelchair, you’re going to need to make some major changes both inside and outside the home. You may be overwhelmed with the idea that you need to overhaul your entire home in order to make suitable accommodations. The good news is that you can boost safety around the property and make your home easier for you or loved ones to get around without huge renovation projects that will take months at a time. Below, you’ll find some of the most important projects that will need to be completed in order to make a home handicap accessible as well as safe and healthy.


Check The Doorways


If wheelchair use is part of the accommodation, you’ll need to check the width of the doorways. Some doorways may need to be modified in order for wheelchairs to move freely about the home. Widening doorways can cost anywhere between $500-$1,000 to complete depending on where the throughway is in the home. 


Adjust The Showers


The safest way to make a shower handicap accessible to is make it a walk in tub or a wheelchair accessible tub. Depending upon the extent of the accommodations that are needed, you can go a cheaper route and install a bench seat in an existing shower. Hand rails can also be added to the tub for extra safety.


Think Of The Entire Bathroom


The simple addition of grab bars can make a big difference in the safety of a bathroom. Make sure that the bars are installed in easy to reach places. Also any supplies that are needed in the bathroom like soaps, shampoos, and toothpaste should be easy to reach. A toilet riser can also be considered to help people who have issues bending down in order to make the toilet easier to use. 


Don’t Forget The Kitchen     


The kitchen should be a place where accommodations for handicap individuals are definitely present. First, all supplies should be easy to reach. Next, appliances should be adjusted accordingly. Grab bars should also be installed in the kitchen to make safety a priority and accessibility easy.


Install Ramps


Whether or not a disabled person uses a wheelchair, installing a ramp can make a huge difference in the home for a disabled individual. Converting stairways to ramps actually isn’t as expensive as you might think it would be, with costs starting at just $100 for a basic ramp. Custom ramps can run a bit more expensive- as much as $1,000. These make it easier for disabled people to get in and out of the home or around the inside of the home with ease. The total cost can vary based on the size of the ramp and the type of materials being used.


Mind The Floors


To make a home handicap accessible, thick carpets should be removed. Any types of flooring that make it hard to maneuver a wheelchair or walker should be modified.


This Single-Family in Weymouth, MA recently sold for $372,500. This Cape style home was sold by DNA REALTY GROUP - KELLER WILLIAMS REALTY.


13 Maple St, Weymouth, MA 02189

Single-Family

$375,000
Price
$372,500
Sale Price

8
Rooms
4
Beds
1/1
Full/Half Baths
Great home in highly sought after Academy Avenue Neighborhood. Walk to Legion Field! This 4 bedroom cape boasts a large eat-in kitchen and oversized sunroom with a new pellet stove for year round enjoyment. The basement is finished for addition living space. There are good sized closets throughout the home. The backyard is completely fenced in with a shed for storage. A commuter's delight just minutes from the highway, major routes, public transportation and shopping.

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